With Earnings Hurt by Gulf Moratorium, Chevron Plans Active Drilling Program for 2011

[Nathanael]

Has anything changed in terms of safety and ability to respond to emergency situations since the Deepwater Horizon exploded? It would be a travesty if these companies are continued to be allowed to strict checks and balances.


Chevron's third quarter earnings not only fell below analyst's predictions, but also dropped this year. A major determining factor for this less profitable quarter was the U.S. government's moratorium for offshore oil drilling in the Gulf of Mexico.

When the ban on drilling was enforced in May, Chevron had six shallow water rigs and three deepwater rigs in the Gulf of Mexico. This left the oil company with more liability payments to its drilling contractors than its competitors such as Exxon, ConocoPhillips, and Royal Dutch Shell, during the moratorium.

Link: http://www.energyboom.com/finance/chevrons-earnings-hurt-gulf-moratorium-company-plans-active-drilling-program-2011